IMF strategy chief urges countries to maintain price stability
Christian Mumssen, the fund’s new director of strategy, cited a rapid succession of major shocks to the economy in recent years. The International Monetary Fund’s
Gold bounces from two-week low, markets await US inflation data
Gold bounces from two-week low, markets await US inflation data. Gold ticked higher on Tuesday after hitting a two-week low, while focus was on the
How large current account imbalances unwind: Evidence from historical adjustment episodes
Global imbalances are back in the policy debate. This column examines 70 current account adjustment episodes across 51 economies from 1980 to 2024 to discover
The perceived inflation wedge: Why households experience inflation differently from official statistics
Households often report inflation perceptions and expectations that differ markedly from official measures. This column proposes a new measure of perceived inflation, which uses disaggregated
Early-life experiences of labour markets faced by others can leave permanent scars on men’s willingness to work
Labour force participation among prime-aged American men has fallen for over half a century, and standard explanations leave much of the decline unaccounted for. This
The impact of global versus regional energy shocks on the EU
Not all energy shocks are alike. This column uses a multi-country, multi-sector DSGE model with production networks and trade linkages to compare a Europe-centric regional
Should the European Central Bank slow down quantitative tightening?
The ECB could slow down QT in response to currently tight financial conditions, but should communicate its intentions with care. Since early 2023, the European
The design and effect of tariff retaliation: Evidence from the EU
As global trade policy becomes increasingly protectionist, the threat of tariff retaliation looms large. This column analyses how the EU’s 2018 response to US steel
Not all reserves are born equal: Why the source matters for sovereign risk
Emerging market economies hold foreign exchange reserves to insure against currency crises and to cushion exchange rate movements. Reserves are generally associated with lower sovereign
The unequal burden of oil shocks: Labour markets and monetary policy
The war in Iran has sent oil prices sharply higher, reviving the question of who bears the cost of energy shocks and how central banks
